Kieran Maguire: Celtic have dodged ‘catastrophe’ thanks to Dermot Desmond after £168m news
Celtic are shielded from “financial catastrophe” thanks to Dermot Desmond’s self-sufficient business model.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the 71-year-old billionaire’s external business interests.
The Irishman has a broad portfolio of investments besides Celtic, including a 33.1 per cent stake in the Latvian bank Rietumu.
The Irish Times reported on Tuesday (19 April) that the bank has £168million worth of loans wrapped up in Russia and its ally Belarus.
It is understood that the bank is confident its balance sheet can absorb the hit should it be hit with sanctions over the Kremlin’s invasion of Ukraine.
Celtic posted an £11.5m loss in their last set of accounts for Covid-hit 2020-21, but they have a combined profit of £35.5m over the last decade.
And the club’s self-sufficient model means they need not worry about possible economic “shocks” suffered by Desmond himself, claims Maguire.
“There are too many clubs that are one ownership decision away from financial catastrophe,” he told Football Insider‘s Adam Williams.
“But in Celtic’s case, they are sustainable. Their ownership model means the club can stand on its own two feet.
“That means it is in a far better position to deal with shocks, either within the football industry or in terms of the owner’s own personal finances.
“You can say this is one of the best legacies of the Desmond model.”
Desmond is the Hoops’ largest individual shareholder with a 34.7 per cent stake.
Celtic are currently six points clear in the Scottish Premiership ahead of Sunday’s meeting with Ross County (24 April).
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